International Growth Fund  (PINOX)

Harnessing the potential of international growth companies since 1995


Track this fund

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • International growth: The fund invests in international companies that the manager believes have sustainable above-average earnings growth.
  • Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that may be emerging industry leaders.
  • A rigorous process: The fund follows a disciplined investment process with fundamental stock selection supported by quantitative tools and macroeconomic analysis.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $23.08
-0.17% | $-0.04
$24.52
01/26/18
$17.66
03/08/17
Historical fund price

Fund facts as of 01/31/18

Total net assets
$337.15M
Turnover (fiscal year end)
121%
Dividend frequency
Annually
Number of holdings
92
Fiscal year-end
September
CUSIP / Fund code
746802206 / 0045
Inception date
01/03/95
Category
Growth
Open to new investors
Ticker
PINOX

Management team

Portfolio Manager


Literature

Fund documents

Summary Prospectus (PDF)
Statutory Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Equity Outlook (PDF)
Comparing Putnam's international/global equity funds (PDF)

Performance

  • Total return (%) as of 12/31/17

  • Annual performance as of 12/31/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 35.05% 8.42% 7.93% 2.93%
After sales charge 27.28% 6.30% 6.66% 2.33%
MSCI EAFE Growth Index (ND) 28.86% 9.15% 8.78% 2.67%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 01/31/18 5.56 % -0.51 %
YTD as of 02/21/18 1.01 % -4.80 %

Risk-adjusted performance as of 01/31/18

Alpha (3 yrs.) 0.22
Sharpe ratio (3 yrs.) 0.82
Treynor ratio (3 yrs.) 10.21
Information ratio (3 yrs.) -0.08

Volatility as of 01/31/18

Standard deviation (3 yrs.) 11.81%
Beta 0.95
R-squared 0.91

Capture ratio as of 01/31/18

Up-market (3 yrs.) 97.83
Down-market (3 yrs.) 98.36

Lipper rankings as of 01/31/18

International Multi-Cap Growth Percentile ranking Rank/Funds in category
1 yr. 15% 72/480
3 yrs. 53% 212/400
5 yrs. 48% 173/362
10 yrs. 27% 65/244

Morningstar ratings as of 01/31/18

Foreign Large Growth Rating Funds in category
Overall (335)
3 yrs. (335)
5 yrs. (295)
10 yrs. (209)

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings

Top 10 holdings as of 01/31/18

Unilever Nv 2.83%
Bayer Ag 2.57%
Tencent Holdings 2.48%
Sony Corp 2.15%
Aia Group 2.05%
Burford Capital 1.95%
Adidas AG 1.87%
Alibaba Group Holding 1.81%
Challenger Financial Service 1.81%
Dalata Hotel Group 1.77%
Top 10 holdings, percent of portfolio 21.29%

Full portfolio holdings as of 12/31/17

UNILEVER NV-CVA 2.39%
TENCENT HOLDINGS LTD 2.29%
BAYER AG-REG 2.23%
AIA GROUP LTD 2.16%
SONY CORP 2.16%
DALATA HOTEL GROUP PLC 1.96%
CHALLENGER LTD 1.90%
SHIRE PLC 1.86%
BURFORD CAPITAL LTD 1.84%
DIAGEO PLC 1.65%
RELX NV 1.65%
VALEO SA 1.65%
ALIBABA GROUP HOLDING-SP ADR 1.62%
ALCOA CORP 1.58%
KYUDENKO CORP 1.58%
MITSUBISHI UFJ FINANCIAL GRO 1.58%
TDK CORP 1.55%
ADIDAS AG 1.54%
COMPASS GROUP PLC 1.52%
HDFC BANK LIMITED 1.51%
HEINEKEN NV 1.51%
AIRBUS SE 1.47%
ILUKA RESOURCES LTD 1.44%
RHEINMETALL AG 1.40%
ROYAL DUTCH SHELL PLC-A SHS 1.39%
KOMATSU LTD 1.34%
RPC GROUP PLC 1.32%
JOHNSON CONTROLS INTERNATION 1.27%
SBERBANK PJSC -SPONSORED ADR 1.26%
MTU AERO ENGINES AG 1.21%
ING GROEP NV-CVA 1.20%
SMS CO LTD 1.20%
KERRY GROUP PLC-A 1.19%
AMUNDI SA 1.18%
SCREEN HOLDINGS CO LTD 1.17%
QINGDAO HAIER CO LTD 144A/REGS WARRANT 09/24/2018 1.16%
RAYTHEON COMPANY 1.16%
CLINIGEN GROUP PLC 1.15%
ENCANA CORP 1.13%
PALTAC CORPORATION 1.09%
IRB BRASIL RESSEGUROS SA 1.08%
SHANGHAI FOSUN PHARMACEUTI-H 1.08%
KION GROUP AG 1.07%
DXC TECHNOLOGY CO 1.05%
DELIVERY HERO AG 1.04%
SIEMENS AG 1.04%
UNICREDIT SPA 1.04%
SANWA HOLDINGS CORP 1.01%
DMG MORI CO LTD 0.98%
ORIX CORP 0.97%
SHANGHAI INTL AIRPORT CO LTD 144A REGS WARRANT 05/07/2018 0.96%
SOCIETE GENERALE SA 0.94%
COM HEM HOLDING AB 0.93%
TURKCELL ILETISI 0.93%
DART GROUP PLC 0.89%
NCSOFT CORP 0.89%
TOSHIBA CORP 0.87%
ALBEMARLE CORP 0.86%
STMICROELECTRONICS NV 0.86%
PC JEWELLER LTD 0.85%
VISA INC-CLASS A SHARES 0.85%
ASSA ABLOY AB-B 0.84%
ASSOCIATED BRITISH FOODS PLC 0.82%
NOMAD FOODS LTD 0.81%
UNIVERSAL ENTERTAINMENT CORP 0.80%
AVICHINA INDUSTRY & TECH-H 0.78%
BAE SYSTEMS PLC 0.78%
CAIRN ENERGY PLC 0.77%
NOKIA OYJ 0.76%
X 5 RETAIL GROUP NV-REGS GDR 0.74%
OUTSOURCING INC 0.66%
ST JAMES'S PLACE PLC 0.66%
INSTRUCTURE INC 0.64%
KKR & CO LP 0.61%
SHISEIDO CO LTD 0.61%
CHINA WATER AFFAIRS GROUP 0.60%
GRUPO FINANCIERO GALICIA-ADR 0.60%
NINTENDO CO LTD 0.58%
DILIP BUILDCON LTD 0.57%
TECHTRONIC INDUSTRIES CO LTD 0.55%
SAMSUNG ELECTRONICS CO LTD 0.54%
JAZZ PHARMACEUTICALS PLC 0.52%
SHIBUYA CORPORATION 0.46%
ALTICE NV - A 0.42%
ELITE MATERIAL CO LTD 0.41%
J2 ACQUISITION LTD 0.38%
BASSO INDUSTRY CORP 0.13%
CHINA GRAND PHARMACEUTICAL A 0.13%
JAPANESE YEN CALL ACCOUNT 0.13%
TAIWAN DOLLAR CALL ACCOUNT 0.08%
HONG KONG DOLLAR CALL ACCOUNT 0.04%
CNH/USD 02/22/2018 GSFX 0.03%
GLOBAL FASHION GRP P/P 0.03%
J2 ACQUISITION LTD-CW20 0.02%
CHF/USD 03/21/2018 BCAP-FX 0.01%
CHF/USD 03/21/2018 JPMCB 0.01%
GBP/USD 03/21/2018 BANKAM 0.01%
KRW/USD 02/22/2018 JPMCB 0.01%
AUD/USD 01/17/2018 BANKAM 0.00%
AUD/USD 01/17/2018 CITI 0.00%
AUD/USD 01/17/2018 GSFX 0.00%
CAD/USD 01/17/2018 BANKAM 0.00%
CAD/USD 01/17/2018 CITI 0.00%
CAD/USD 01/17/2018 SSBT 0.00%
DKK/USD 03/21/2018 CITI 0.00%
EGYPTIAN POUND CALL ACCOUNT 0.00%
EUR/USD 03/21/2018 BANKAM 0.00%
EUR/USD 03/21/2018 CITI 0.00%
EUR/USD 03/21/2018 GSFX 0.00%
EUR/USD 03/21/2018 HSBCB 0.00%
FABFURNISH GMBH P/P 0.00%
GBP/USD 03/21/2018 BCAP-FX 0.00%
GBP/USD 03/21/2018 GSFX 0.00%
GBP/USD 03/21/2018 JPMCB 0.00%
HKD/USD 02/22/2018 BANKAM 0.00%
HKD/USD 02/22/2018 BCAP-FX 0.00%
ILS/USD 01/17/2018 SSBT 0.00%
INDIAN RUPEE CALL ACCOUNT 0.00%
JPY/USD 02/22/2018 BANKAM 0.00%
JPY/USD 02/22/2018 GSFX 0.00%
JPY/USD 02/22/2018 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
MXN/USD 01/17/2018 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NZD/USD 01/17/2018 JPMCB 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 03/21/2018 JPMCB 0.00%
SEK/USD 03/21/2018 SSBT 0.00%
SGD/USD 02/22/2018 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
NOK/USD 03/21/2018 JPMCB -0.01%

Prior top 10 holdings

Top 10 holdings as of 01/31/18
Unilever Nv
Bayer Ag
Tencent Holdings
Sony Corp
Aia Group
Burford Capital
Adidas AG
Alibaba Group Holding
Challenger Financial Service
Dalata Hotel Group
Holdings represent 21.29% of portfolio
Top 10 holdings as of 12/31/17
Unilever Nv
Tencent Holdings
Bayer Ag
Aia Group
Sony Corp
Dalata Hotel Group
Challenger Financial Service
Shire
Burford Capital
Diageo
Holdings represent 20.44% of portfolio
Top 10 holdings as of 11/30/17
Bayer Ag
Tencent Holdings
Sony Corp
Aia Group
Burford Capital
Challenger Financial Service
Shire
Compass Group
Alibaba Group Holding
Reed Elsevier N.V.
Holdings represent 19.71% of portfolio
Top 10 holdings as of 10/31/17
Bayer Ag
Tencent Holdings
Burford Capital
Aia Group
Sony Corp
Compass Group
Challenger Financial Service
Alibaba Group Holding
Reed Elsevier N.V.
Shire
Holdings represent 18.90% of portfolio

Portfolio composition as of 01/31/18

Common stock 98.03%
Cash and net other assets 1.97%

Equity statistics as of 01/31/18

Median market cap $12.00B
Weighted average market cap $63.89B
Price to book 2.76
Price to earnings 16.68

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top Industry Sectors as of 01/31/18

Industrials 21.35%
Financials 18.95%
Information technology 16.47%
Consumer discretionary 12.92%
Consumer staples 9.89%
Health care 7.65%
Materials 6.20%
Energy 3.03%
Cash and net other assets 1.97%
 
Other
1.57%
Telecommunication services 0.99%
Utilities 0.58%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time.

Country Allocation as of 01/31/18

Japan 19.57%
United Kingdom 13.96%
Germany 12.23%
China 8.57%
United States 8.54%
Netherlands 6.85%
France 6.68%
India 3.57%
Australia 3.32%
 
Other
16.71%
Ireland 2.84%
Russia 2.10%
Hong Kong 2.05%
Cash and net other assets 1.97%
Sweden 1.82%
Taiwan 1.63%
Brazil 1.15%
South Korea 0.82%
Canada 0.78%
Argentina 0.68%
Spain 0.50%
British Virgin Islands 0.35%
Luxembourg 0.02%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class Y
Total expense ratio 1.49% 2.24% 2.24% 1.99% 1.74% 1.24%
What you pay 1.49% 2.24% 2.24% 1.99% 1.74% 1.24%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- --
2 yrs. -- 4.00% 0.00% -- -- --
3 yrs. -- 3.00% 0.00% -- -- --
4 yrs. -- 3.00% 0.00% -- -- --
5 yrs. -- 2.00% 0.00% -- -- --
6 yrs. -- 1.00% 0.00% -- -- --
7+ yrs. -- 0.00% 0.00% -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00%
  NA NA NA NA NA NA
  NA NA NA NA NA NA

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The MSCI EAFE Growth Index is an unmanaged index that measures the performance of equity securities in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. You cannot invest directly in an index.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.